You can be in deep water, for example, if you invest in stocks without knowing anything about the stock market.
VOA: special.2009.05.10
Why would people pay any price for stocks if there weren't some way to get money out?
如果投进去的钱根本拿不出来,人们为什么还要买股票呢
I'll let you read Siegel and his discussion of this possibility, ... but I think that-- what I want to get now is not necessarily any agreement on whether you believe that there's such a high excess return for stocks.
我会要求你们读西格尔的书,以及他对这种可能性的讨论,但是我认为-,你们并不需要,同意炒股的收益,远远高于其他的投资方式。
And financial stocks rose after Citigroup reported a profit for those two months.
VOA: special.2009.03.13
It sets the mean to 0, for s in stocks and then for s in the stocks, it moves it, giving it the bias and the momentum, then it shows the history.
它会让平均值等于,然后,它会改变它们的值,给它一个偏向值和股价势头值,然后它就会显示历史。
But stocks recovered strongly for the year.
VOA: special.2010.01.01
Bob Shiller's friend, Jeremy Siegel, wrote a book that has the very simple title, Stocks For The Long Run.
鲍勃·希勒的朋友,杰瑞米·西格尔有一本著作,标题很简单,《股市长线法宝》
We made a big bet against Internet stocks in 1999 and 2000 that was very profitable for the University.
999年和2000年我们大幅做空互联网股票,为学校赚得了很多利润
With a different volatility for the stocks because that was also selected randomly, plus some market bias.
或者均匀分布的一个随机值,因为数值选择上的随机性,再加上市场偏好。
First of all, a lot of people don't seem to even grasp that basic point that you buy stocks for the dividends.
首先,很多人不明确这一基本点,买股票就是为了股利
I guess you've already looked at Stocks for the Long Run; you've seen 200 years worth of data.
我想你们已经读过《股市长线法宝》,见过长达200年的数据
They show the expected return on stocks versus bonds or short-term debt for a whole range of countries.
他们对这些国家的股票预期收益与,国债或者短期债券作出比较。
You can go there and say, I want to buy stocks, and the broker will say fine, we'll set up an account for you.
你去那说,我想买股票,经纪人说,没问题,先给你建个账户
For every dollar that you had in small stocks at the peak of the market, by the end of 1929, you lost 54% of your money.
崩盘前市场达到峰值时,投在小盘股里的每一分钱,到了1929年底,都会损失54%
The second book that I'm assigning is Jeremy Siegel, Stocks for the Long Run.
第二本指定教材是,杰里米·西格尔所著,《长期股票投资》
Jeremy Siegel, Stocks for the Long Run, says the default should be equities.
杰瑞米·西格尔,在《股票的长期走势》一书中,指出默认的投资方式应该是股票。
He wrote a book called Stocks for the Long Run, starting in 1993.
他1993年开始写这本《长期股票投资》
This is the return on stocks for a period of almost 200 years.
这个是200年内股票的投资收益率。
The title of the book, Stocks for the Long Run-- stocks always outperform other investments for the long run and he says it's not due to selection bias.
书名是为《股市长线法宝》,长期投资中股票总是比其他资产有更高的收益,他认为他在研究中排除了选择性偏差
That is, arranging for the issuance by corporations of stocks and bonds.
也就是,帮助公司安排销售,证券和股份。
For him, the optimal portfolio should be very heavily into stocks.
以他的计算结果,最佳投资组合应该是大量投资股票。
At some point, when your dollars were turning into dimes, you'd say, forget this, this is ridiculous, it doesn't make any sense for me to own these risky small-cap stocks.
当一块钱变成一毛钱,你会说,得了吧,这太荒谬,持有这些高风险的小盘股,对我而言没什么好处
So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如,在年预期收益12%的情况下%,我有股票,债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
Do I buy stocks for dividends?
我买股票是为了股利吗
I computed the returns on the stocks, bonds, and oil for every year from 1983 and I computed the average returns, which I take as the expected returns, I took the standard deviations, and I took the covariance.
我计算了从1983年以来每年的股票,债券和石油的收益,从而得出平均收益率,这些平均收益率作为预期收益率,然后算得标准差及协方差。
And then we looked at this little loop before, for i in range number of stocks, I'm going to create two different lists of stocks, one where the moves, or distributions, are chosen from a uniform, and the other where they're Gaussian.
这里的这个小循环,因为i代表股票,我会建立两个不同的股票链表,一个是代表股票价格的移动,或者说是分布,它们是从均匀分布中得出的,而另一个链表是从高斯分布中得出的。
for the most part, if stocks have done much better if you've bought them at a point that looks cheap on that graph than one that looks expensive.
如果你做得很糟糕的话-多半情况下,you've,done,poorly,if—,如果你通过市场曲线图,在看上去比另外一个时间点便宜的时候买进它们,而股票又表现得非常好。
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